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The Economics of Financial Markets

Опубликовано на портале: 13-08-2007
Oxford: Oxford University Press, 1996
Provides a comprehensive introduction to the subject of financial markets for college level students.

This book puts economics to work on the daily problems faced by investors, traders, speculators and brokers as they wrestle with increasingly complex financial markets. Drawing on data direct from the financial behavior of households, corporations, and governments, through to the prices of individual securities, the authors show how accessible but rigorous economics can help the players make sense of the hour-by-hour reality of the way financial markets move. Many of the twists and turns that might seem random at first sight are, they contend, rational and often predictable. But inefficiencies do exist, and the authors also demonstrate how these can become unique profit opportunities. By bringing together information on the daily workings of financial markets with the concepts and tools of economics, Houthakker and Williamson have provided a valuable resource for practitioners and students alike.

1.1. What This Book About 1.2. Financial Markets and Financial Instruments Defined
1.3. Basic concepts of Accounting
1.4. Sources of Information

2. The Place of Financial Markets in the Economy
2.1. Real Assets and Financial Claims
2.2. A Framework for Macroeconomic Analyses of Flows
2.3. The Rate of Interests
2.4. Monetary and Fiscal Policy

3. The Supply of Securities
3.1. General Characteristics of Securities
3.2. Supply of Government Securities
3.3. Corporate Financial Policy
3.4. Supply of Corporate Securities
3.5. Mutual Fund Shares
3.6. Mortgages and Mortgage-Backed Securities
3.7. Claims on Financial Institutions

4. The Demand for Securities
4.1. The Time Dimension
4.2. The Risk Dimension
4.3. The Portfolio Complication

5. Stock Trading and Market Efficiency
5.1. Central Trading Places
5.2. Financial Markets without Central Trading Places
5.3. Stock Exchanges in Other Countries
5.4. Operational Efficiency and the Efficient Market

6. The determination of Equity Prices
6.1. Shares as Claims to Future Dividend
6.2. Shares as Claims to Corporate Net Worth
6.3. The Capital assets Pricing Model
6.4. Arbitrage Pricing Theory: An Alternative Approach
6.5. Appendix: Stock Indexes

7. Security Analysis
7.1. Security Analysis and Market Efficiency
7.2. A Modern View of Security Analysis
7.3. The Role of Financial Statement Analysis
7.4. Shortcuts in Security Valuation

8. Options on Option Claims to Pricing
8.1. The Basic of Stock Options
8.2. The Valuation of Stock Options
8.3. Options and Portfolio Management
8.4. Convertible Bonds and Stocks as Options

9. Futures Contracts and Futures Markets
9.1. Forward Contracts
9.2. The Origins of Future Trading
9.3. Basic Elements of Future Contracts
9.4. The Organization of Futures Markets
9.5. Appendix: The Euromarkets and Swap Market

10. Regulation of Financial markets
10.1. Profits and Losses on Various Transactions
10.2. Relations among Spot and Futures Prices
10.3. Hedgers, Speculators, and Market Equilibrium
10.4. The Role of Expectations
10.5. Futures and Portfolio Management

11. Future Prices
11.1. The Ethics of Finance and the economic Function of Financial Markets
11.2. The Purposes of Regulation
11.3. Levels of Regulation
11.4. Federal Regulation of Trading in Corporate Securities
11.5. Federal Regulation of Futures Markets
11.6. Regulation in United Kingdom

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